Bitcoin’s price recently dipped, hovering around $68,000, while many altcoins experienced significant declines as the 2024 U.S. presidential election draws near.
With only one day left until the 2024 U.S. presidential election, the entire crypto market is holding its breath, waiting for the results.
Trump-Harris Betting Odds
Though the race for the White House usually has limited impact on the cryptocurrency market, this year has shown a different trend as candidate Donald Trump includes crypto-friendly policies in his campaign to win over voters.
Bitcoin previously surged to $73,600, close to an all-time high, fueled by large ETF inflows of up to $2.22 billion and optimism surrounding Trump’s potential victory, with Polymarket odds initially favoring him.
However, the outcome is far from certain, as the election hasn’t yet taken place. Over the past weekend, the market saw Bitcoin’s steep drop to around $67,800 as betting odds began to even out once more.
BTC-USDT 1-Hour Chart on Binance at 1 PM on November 4
On Polymarket, Harris’s odds rose from 33% on October 30 to 44%, reducing Trump’s odds from 66% to 56%.
According to CoinDesk, Harris's increase in odds may reflect traders hedging risks after placing large bets on Trump. This suggests that while Trump still holds a lead on Polymarket, many users see him as the likely winner over Harris.
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U.S. Presidential Election Prediction Odds
In fact, a “whale” wagered $30 million on Trump, boosting his win probability to 99%, raising concerns that Polymarket’s odds could be manipulated.
That said, Polymarket is merely a prediction platform and doesn’t represent the overall sentiment of U.S. voters. Conversely, mainstream media outlets show Trump is currently “lagging” behind his opponent.
Real Clear Polling data reveals Trump with a narrow lead of 48.5% to 48.4%.
Additionally, prominent political betting site Domer shared on X that Harris holds a 55-60% chance of becoming the next President, based on numerous polls and voter behavior trends.
BTC Price Adjustment Causes Altcoin Market Plunge
Bitcoin’s price correction has led to a sharp decline in the altcoin market. Ethereum is now trading around $2,460 and continues to face criticism from the community due to its weak performance.
Previously leading memecoins have now become the largest decliners.
Over the past 24 hours, liquidations reached a total value of $228 million, with over 60% being long positions.
